Mumbai, Sept. 9 -- Reducing the cost of sending remittances to India to 3 per cent from the current average of 5-6 per cent could put an additional USD 5 billion in the hands of Indian migrant workers, Commerce Secretary Rajesh Agrawal said on Wednesday, highlighting digital payments as a major opportunity for India's fintech sector.

Speaking at the Global Fintech Fest 2026 in Mumbai, Agrawal said India receives more than USD 125 billion in remittances annually. He added that if similar reductions in transaction costs were achieved globally, the savings could reach as much as USD 30 billion.

Agrawal also called on India's fintech industry to move beyond domestic success and start exporting its digital finance model to the world, particu...